Incheon City and Affiliated Organizations Reduce Public Property Rental Fees by Up to 80%

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Tenants of public properties in Incheon will have less worry about rent until the end of this year.

On the 21st, Incheon City announced that it will implement rent reductions for the second half of the year for tenants operating in buildings owned by the city and its affiliated corporations and public organizations, to support self-employed individuals struggling due to COVID-19.

The participating city-affiliated institutions include Incheon Urban Corporation, Incheon Transit Corporation, Incheon Tourism Organization, and Incheon Technopark, which plan to reduce rent by 50% for tenants of 4,340 owned properties.

Additionally, for city-owned shared properties, businesses whose sales in the second half of the year have decreased by more than 50% compared to 2019 will receive an additional 10-30% reduction based on the sales decline rate, allowing benefits of up to 80%.

With this measure, tenants are expected to reduce their overall rent burden by approximately 9 billion KRW.

Previously, the city provided rent reductions totaling 18.8 billion KRW: 9.8 billion KRW from 35-50% reductions between February and December last year, and 9 billion KRW from 50-80% reductions in the first half of this year.

An official from Incheon City stated, "We have prioritized providing substantial support to the groups most affected by COVID-19," adding, "Due to the cumulative damage to self-employed individuals caused by the resurgence of COVID-19 in the second half of the year, we have urgently implemented rent reduction measures."

This content was produced with the assistance of AI translation services.